When you own a multi-family property, you are typically in a constant state of renovation and repair. If you are considering selling the property in the near future, you should take a different approach to your property. Instead of focusing merely on basic maintenance, you should plan projects that will help prepare to put the property on the market.
A contractor with multi-family construction experience can be a significant asset during this process. They can help you evaluate the weaknesses in your property so that you can identify which multi-family construction projects are most important. The contractor may notice issues that you haven’t considered.
One common multi-family construction project is unit upgrades. A prospective buyer will be looking for units that are attractive to potential renters. Common unit upgrades include kitchen renovations, bathroom renovations, new cabinets, interior painting and carpet replacement. Some owners add tile or hardwood floors to make the unit more attractive to upscale renters.
There are a wide variety of external projects that your multi-family construction contractor may recommend. The sidewalks, parking lots and common areas of the property should be in good repair. Stairs may need to be replaced if they are sagging or cracking. If units have porches or balconies, these need to be in good condition for both safety and appearance reasons.
Buyers will consider the infrastructure of your property before they make a decision. Have your multi-family construction contractor evaluate key parts of your property such as the HVAC setup, electrical services and plumbing. These systems often need upgrades before your property is in saleable condition.
Curb appeal is critical when it comes to multi-family construction projects. Potential buyers are looking for properties that will attract renters. The buildings should look clean and modern. Fresh paint and new siding will help the property stand out from the crowd. All external appearance factors should be considered during your multi-family construction project. Is the fencing in good shape? Do the roofs look strong and well-maintained? Is the building color modern and stylish? Curb appeal is just as important to attracting buyers as it is to finding renters.